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For every new property that we develop under our 2011-15 Affordable Homes contracts with the Homes and Communities Agency and the Greater London Authority, we will fund around 86% of the cost. This percentage is made up of:
The rest of the funding, averaging around 14%, is paid for by a grant from the Government.
This means that for every £1 of Government subsidy for building new homes, the Group adds more than £6 from private finance and our internal resources.
We are able to contribute in this way because of our long-term approach to financial planning, which includes continually investing to keep all of our existing homes in good condition.